Gannett profits down 31 percent for fourth-quarter

Gannett Co., the largest newspaper publisher in the United States, said Friday its fourth-quarter profit dropped 31 percent on a decline in broadcasting revenue and weak newspaper ad sales, according to an Associate Press report.
The company, like others, has suffered a downward slide as advertising wanes, especially real estate and job ads that have slowed with the housing slump and decelerating economy, according to the report.
In November, the company said it would trim 45 jobs at USA Today, or almost 9 percent of the newsroom staff.
But Gannett still managed to meet Wall Street's expectations, which anticipated a lower earnings per share, $1.27. Gannett declined to $1.28 per share from $1.47 per share a year earlier.
To read the full report from the Associated Press click here.